Schedule 1New Schedule 1AA inserted

Schedule 1AATransitional, savings, and related provisions

Provisions relating to KiwiSaver Amendment Regulations 2014

Annual reports

(1)Regulations 5A and 5B and Schedule 1A, as in force immediately before the commencement of the 2014 amendment regulations, continue to apply to pre-transition KiwiSaver schemes for the purpose of any requirement to produce an annual report under section 123 of the Act (as in force immediately before 1 December 2014 and to the extent saved by Schedule 1 of the Financial Markets Conduct Regulations 2014) as if regulations 6 and 18 of the 2014 amendment regulations had not been made.

(2)However, in Schedule 1A, clause 5(1)(b),—

(a)the reference to matters prescribed under section 228(1)(p) of the Act must be treated as a reference to matters prescribed under section 228(1)(j) of the Act (including matters that continue in force as if made under that section); and

(b)the reference to guidelines published by the FMA under section 127 of the Act must be treated as including any guidance published by the FMA that relates to the matters in section 118 of the Act.

Fees

(3)During the transitional period, regulation 19 and Schedule 2 (other than the item relating to section 131 of the Act), as in force immediately before the commencement of the 2014 amendment regulations, continue to apply in respect of pre-transition KiwiSaver schemes as if regulations 14 and 20 of the 2014 amendment regulations had not been made.

Trustee references

(4)During the transitional period, the following references (as inserted by the 2014 amendment regulations) must, in relation to a pre-transition KiwiSaver scheme, be treated as a reference to the trustees of the scheme:

(a)the reference to a manager in regulation 8(1):

(b)the references to a supervisor in regulation 9(2)(c)(ii) and (iii).

(5)During the transitional period, the references in Schedule 1 to supervisor fees (as inserted by the 2014 amendment regulations) must, in relation to a pre-transition KiwiSaver scheme, be treated as a reference to trustee fees.

include transitional and savings provisions reflecting the case that, for a transitional period (or for a certain purpose), some provisions of the Act that were in force immediately before 1 December 2014 will continue to apply to KiwiSaver schemes that continue to be registered in the KiwiSaver schemes register under clause 18(1)(a) of Schedule 4 of the Financial Markets Conduct Act 2013.

These regulations have no effect for annual returns for complying superannuation funds under section 124 of the Act as in force on 1 December 2014. This is because, from that date, for a transitional period, section 124 of the Act does not apply to a complying superannuation fund (see clause 11 of Schedule 1 of the Financial Markets Conduct Regulations 2014).